Oil Approaches Eight-Week Low on Mounting Surplus

Oil prices fell to the lowest point since early April as traders anticipated growing domestic and global crude supplies. U.S. light, sweet crude for July delivery fell 1.6% to $64.75 a barrel at the New York Mercantile Exchange on Monday. Brent crude, the global oil benchmark, slid 2% to $75.29 a barrel on London’s Intercontinental Exchange . Oil prices have fallen from a multiyear high in May as traders bet that the global production cuts that helped curb oversupply will end. Saudi Arabia, the de facto head of the Organization of the Petroleum Exporting Countries, and Russia are expected to reach a deal to pump more crude after more than a year of holding back output. Analysts say that could prompt a cascade of higher production. “If they were to increase production, then the other OPEC and non-OPEC producers would follow suit so they each maintain their market share,” […]